U.S. Market Indexes Higher with New Highs

U.S. market indexes were higher on Wednesday as stocks reached new levels. For the day the Dow Jones Industrial Average closed at 18595.03 for a gain of 36.02 points or 0.19 percent. The S&P 500 was higher at 2173.02 for a gain of 9.24 points or 0.43 percent. Both the Dow Jones Industrial Average and S&P 500 reached new closing highs. The Nasdaq Composite was also higher at 5089.93 for a gain of 53.56 points or 1.06 percent. The VIX Volatility Index was lower at 11.70 for a loss of -0.27 points or -2.26 percent.

Wednesday’s Market Movers

Stocks gained for the day as the earnings outlook continued to remain positive for both the second quarter and second half of the year. On the economic calendar, the Mortgage Bankers Association’s Mortgage Applications Report and the EIA Petroleum Status Report were the leading reports for the day. The Mortgage Bankers Association reported a slight decline in mortgage applications and refinancings. Mortgage applications were down 1.3 percent from the previous week and refinancings were down 1 percent. The EIA reported oil inventories down 2.3 million barrels from the previous week.

In the Dow Jones Industrial Average, the following stocks led gains:

Microsoft Corp 5.39

Cisco Systems Inc 2.41

Intel Corp 1.56

International Business Machines Corp 1.16

Visa Inc Class A 0.77

Top sectors for the broad market were technology, healthcare and consumer discretionary. In technology, the following stocks led gains:

Microsoft Corp 5.39

Mylan NV 5.03

Incyte Corp 5.00

Intuitive Surgical Inc 4.73

Vertex Pharmaceuticals Inc 4.34

Biomarin Pharmaceutical Inc 3.62

Endo International PLC 3.38

NXP Semiconductors NV 3.25

In commodities, gold traded lower as evidenced by the SPDR Gold Trust which reported a loss of -1.82 points or -1.43 percent. The dollar was higher for the day. The U.S. Dollar Index gained 0.04 points or 0.04 percent to 97.09.

Small-Cap Stocks

In small-caps, the Russell 2000, was higher at 1209.74 for a gain of 9.30 points or 0.77 percent. The S&P 600 Small-Cap Index was higher at 741.33 for a gain of 4.58 points or 0.62 percent. The Dow Jones Small-Cap Growth TSM Index was higher at 7377.29 for a gain of 70.15 points or 0.96 percent. The Dow Jones Small-Cap Value TSM Index was higher at 8684.41 for a gain of 26.54 points or 0.31 percent.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1549.51 for a gain of 7.33 points or 0.48 percent; the S&P 100 Index closing at 962.44 for a gain of 4.02 points or 0.42 percent; the Russell 3000 Index closing at 1281.97 for a gain of 6.07 points or 0.48 percent; the Russell 1000 Index closing at 1202.91 for a gain of 5.41 points or 0.45 percent; and the Dow Jones U.S. Select Dividend Index closing at 623.36 for a loss of -0.04 points or -0.01 percent.